New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-09-07
THE BIG NEU.HAVEN FAILURE.
NOTHING DEFINITELY KNOWN OF THE POSITION OF
rp

NOTHING DEFINITELY KNOWN OF THE POSITION OF
+. s. WHEELER AND co.
NEw-HAvES, Sept. 6-The developments to-day in tho
failure OF T. g. Wheeler Co. have been meagre and un-
satisfactory. When the formal assignment was made
this morning to Samuel A. Galpin, the hear
ing was set down for September l3. No
statement OF liabilities and assets was filed.
The generally accepted OF the suspension Is cred
itcd to wheeers efforts TO do business on basis OF
shortme purchases and long sales, relying on his
ability borrow from the banks to meet his obligations
Opinions vary greatly as to the extent OF the
failure. Some think the firm Will pull through
ali right while many others think the failure
VIII prove disastrous than generally anticipated
TO ~ O0O and the local banks are said 10 hold
Wheslers paper for the following amounts Mechanics
S27 900; First National. $4,000. The Tradesmen's
National Bank holds large block OF Wheeiers
Haven County Nauonal but they decline to give any
information as 10 the amount Brown Bros; y 90. OF
New York are reported be heavy carriers OF Wheelers
paper and strong beer prevails that II Is held In quito
large in most Of the principal cities throughout
Wheeler & Co., with capital of S3oo.0o0 were rated
"B and for the last live years have done yearly ous
ness OF from 81 900 to So 100000 The office build
ing Of the concern was mortgsged for 10000, the
wire mill building for $1,000 and Wneelers house III 10
Hllhoussave also heavily mortgaged Inc wire ipii
which employs 400 hands, was running to-day, put VIII
probably close down until after settlement 10 reached
So far as could be ascertalned by TRIBUNE reporter
yesterday from inquiries among bank officials and metal
dealers this city, the failure Ia not likely to Affect the
metal trade In New-York. The members OF the princi-
pal firms by the reporter were unanimous III uecar'
ing that while the failure may be attended WITH the
usual moral effect-ihe first feeling OF eenerar DIS
trust that follows such faurasits results are not
likely 10 hamper the business here Though wheeler
co. are indebted to few firms here, the greatest
sum against them Is than S4,OOU
or So 900. The failure Is local one. -
The asher OF the Park National Bank said "Wheeler
a Co have had dealings with for the last seven or
eight years The transactions have been satisfactory,
the paper under discount for them very
limited, not much II SIX months ago-all OF
legitimate character and perfectly sood without the
Endorsement OF r. Wheeler * Co. In other words Tor
ts payment do look 10 the ndorscment OF that
firm believe the paper is good without that indorse'
ment We hay non under a sin gio name
other banks In the city involved 10 any extent
"Oh. jugsfu" However. after calling on tne oielais
OF the other principal banks the reporter FOUND that
they ",d not know" T. g. whseler Co.. with the ex-
cepop OF two cases-the Western National and tue Bank
OF America The cashiers of these banks said they had
mo information to give" - - -.
The New. York branch office OF F. 9. Wheeler Co. at
No 81 Cllfst is conducted by clerks. responsible
member OF the firm being in charge.